Jiway, the electronic
exchange that started trading a range of UK and French
stocks on November 17th from its London offices, added
more French and some top O-list Swedish stocks to
its range from 1st December, making available a total
of more than 400 stocks, and on December 8th Jiway
announced that constituents from the NASDAQ 100 and
S&P 500 indices were available for trading.
Jiways total volume
in the first two weeks of trading amounted to 2,892
trades, with a high of 840 trades on 29 November.
Per Swensson, Chief Executive of Jiway, said, "Over
the past fortnight, Jiway has demonstrated a solid
and promising start to its operations. Step by step,
we are providing retail investors with a broadening
range of international equities, and a sophisticated
yet streamlined system through which to trade them.
We currently have brokers accessing Jiway from Sweden
and the UK, and the most popular stocks so far have
been French. This supports our view that retail clients
want to trade across borders, and as a consequence
we are adding further French stocks to facilitate
this."
Jiway Holdings Ltd, parent
company of Jiway, also announced that it has appointed
Ian Cohen as Chief Executive of Jiway Broker Services
AB (JBS). JBS, based in Stockholm, provides the clearing,
settlement and safekeeping services for Jiway Limited.
Separately, banks and brokerage firms can contract
a complete online trading facility, including front
and back office systems, hardware, communications
equipment and back-up facilities from Jiway Broker
Services.
Ian Cohen joined Morgan
Stanley Dean Witter in 1998 responsible for Y2K business
relationships for Europe, and for the management of
the MSDW European Y2K team. Since January 2000, he
has led the MSDW project team on the post-trade side
of the Jiway project. Morgan Stanley Dean Witter is
co-proprietor of Jiway with the Swedish OM Group.
Per Swensson said, "With
Ian at the helm, Jiway Broker Services will enter
a new phase with a broader international focus. Ian
has a great track record in post trade and back office
work, and we are delighted that he has joined us."
Bo Hägg, present
Managing Director of Jiway Broker Services, will assume
a business development role with Jiway Holdings, the
parent company.
Jiway Holdings Limited
was announced on 8 February 2000. It operates Jiway
Limited - the RIE headquartered in London - and Jiway
Broker Services AB - headquartered in Stockholm. Jiway
Limited is an electronic order and quote driven market
providing a single access point to UK, Swedish and
French shares, with guaranteed liquidity and prices
no worse than the underlying exchange. Jiway Limited
acts as the central counterparty, thereby offering
anonymous trading with reduced risks, and also offers
global safekeeping services to its clients.
Jiway Limited was granted
Recognised Investment Exchange (RIE) status on 31
October 2000.